You can only deduct medical and dental expenses if you itemize your deductions. You are eligible to deduct medical and dental expenses if they exceed 10% of your adjusted gross income in 2019. For example, if your adjusted gross income is $50,000 and you have $6,000 of eligible medical expenses (see below), you could deduct $6,000 […]
What is the difference? Is tax fraud a crime? Can you go to prison? Fraud is obtaining something of value from another by deception. Tax fraud occurs when a taxpayer commits or avoids certain acts with the intent of evading taxes owed. For tax fraud to occur, both intent and a tax due and owing are […]
Deducting Bad Debt Can you deduct a bad debt? Yes, if it is a business bad debt and a non-business bad debt under certain conditions. A business bad debt occurs when the debt was created or acquired in a trade or business closely related to your pre-existing trade or business and it becomes partially or totally worthless.
Under the new IRS rules for deducting mileage, you can deduct: 58 cents per mile driven for business purposes 20 cents per mile driven for medical or moving purposes 14 cents per mile driven for charity purposes
It’s easy to track your tax refund. The IRS (Internal Revenue Service) will tell you that status of your refund as it goes through three stages: Tax Return Received Tax Refund Approved Tax Refund Sent
You must file IRS Form 730 and pay taxes on wagers if you:• Are in the business of accepting wagers (this form is NOT for individuals placing wagers, it is for entities accepting wagers).• Conduct a wagering pool or lottery.• Are required to be registered and you received wagers for or on behalf of another person but didn’t report that person’s name […]
Taxation can be expensive. Double taxation can be brutal. Be sure to claim your tax credit when filing an international tax return!
The first question is, “do you need to file an extension”? The answer is yes if ALL of the follow apply to you: You can not file on time (4/15) You owe a tax You pay using a check or money order, not electronic funds transfer
As tax season ramps up, “ghost preparers” are busy scamming taxpayers. Ghost preparers are unethical tax return preparers that prey on people not through intimidation, but through trust. Federal law states anyone…